Friday, 14 June 2024.
Today we conclude the article that we started yesterday, about how the World Bank is differentiating its carbon credits, including with significant payments for certain countries.
Last March the World Bank announced Viet Nam as the first country in the East Asia Pacific region to receive a results-based payment from the Forest Carbon Partnership Facility (FCPF) Carbon Fund, with the largest single payment to date made by the FCPF for verified, high integrity carbon credits: $51.5 million payment from the FCPF for successfully reducing 10.3 million tons of carbon emissions through forest preservation and restoration.
In other words, earn income from the sale of carbon credits generated from preserving their forests.
According to the World Bank, the differential of their carbon credits are due to two things:
Environmental integrity—ensuring credits are unique, real, additional, permanent, and measurable; and
Social integrity—making sure that communities, especially Indigenous Peoples and Local Communities, benefit most from these programs.
Each carbon credit is monitored, reported, and verified by a third party against the World Bank-managed FCPF Standard and World Bank Environmental and Social Standards. Click here if interested on these Standards.
And here to visit the Forest Carbon Partnership Facility (FCPF) website. There is interesting information in there.
The 15 FCPF countries are Chile, Costa Rica, Cote d’Ivoire, Democratic Republic of Congo, Dominican Republic, Fiji, Ghana, Guatemala, Indonesia, Lao PDR, Madagascar, Mozambique, Nepal, Republic of Congo, and Viet Nam.
All in all, considering all this engagement towards high integrity carbon credits, not only by organizations such as the World Bank, now also responsible for the Loss & Damage Fund (see Part 1/2 of this article), but also by the private sector, to note the invitation by the US Secretary of Treasury a few days ago, the convergence of high integrity carbon credit markets governance seems clearer. Don’t you agree?
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